This chart may provide you with the next direction

While I agree it looks like the yen is about to break out (textbook bullish pennant, no doubt), one has to temper one's view on this by Japanese Central bank monetary policy - there was an article in Bloomberg tonight about how consumer prices are falling once again in Japan.

Hence, the BOJ has a loosening bias, presumably, which would lead to a weaker yen.

It's all very fluid. Japan is a very volatile trade, because of the yen carry trade, and all of the behind the scenes arm wrestling going on.
 
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